Adient $ADNT Holdings Reduced by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management cut its Adient stake by 2.9% in the fourth quarter, selling 57,214 shares and still holding 1,924,117 shares worth about $36.9 million.
• Wall Street sentiment on Adient remains mixed, with a consensus Hold rating and an average price target of $28.00. Recent analyst moves included Bank of America starting coverage with an underperform rating and Deutsche Bank reiterating a buy.
• Adient reported better-than-expected quarterly results, posting EPS of $0.52 versus $0.44 expected and revenue of $3.87 billion versus $3.62 billion estimated. The company also saw insider selling, as EVP Heather M. Tiltmann sold 22,000 shares in June.

HITE Hedge Asset Management LLC trimmed its holdings in Adient (NYSE:ADNT - Free Report) by 2.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,924,117 shares of the company's stock after selling 57,214 shares during the quarter. Adient accounts for approximately 2.4% of HITE Hedge Asset Management LLC's investment portfolio, making the stock its 10th biggest holding. HITE Hedge Asset Management LLC owned 2.46% of Adient worth $36,885,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ADNT. Hantz Financial Services Inc. increased its holdings in shares of Adient by 62.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,140 shares of the company's stock worth $27,000 after buying an additional 439 shares during the last quarter. GAMMA Investing LLC increased its holdings in Adient by 17.2% in the 4th quarter. GAMMA Investing LLC now owns 5,199 shares of the company's stock valued at $100,000 after purchasing an additional 764 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Adient by 9.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 10,162 shares of the company's stock valued at $193,000 after purchasing an additional 866 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in Adient by 12.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 12,231 shares of the company's stock valued at $234,000 after purchasing an additional 1,353 shares during the last quarter. Finally, Quarry LP increased its holdings in Adient by 163.9% in the 3rd quarter. Quarry LP now owns 2,304 shares of the company's stock valued at $55,000 after purchasing an additional 1,431 shares during the last quarter. 92.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ADNT. Bank of America began coverage on shares of Adient in a report on Wednesday, March 4th. They issued an "underperform" rating and a $22.00 target price for the company. Wells Fargo & Company dropped their target price on shares of Adient from $29.00 to $28.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. Stifel Nicolaus set a $28.00 target price on shares of Adient in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $31.00 target price on shares of Adient in a report on Thursday, May 7th. Finally, Weiss Ratings upgraded shares of Adient from a "sell (d-)" rating to a "hold (c-)" rating in a report on Wednesday, May 13th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $28.00.

Adient Stock Performance

NYSE:ADNT opened at $22.70 on Friday. The company has a fifty day simple moving average of $21.61 and a two-hundred day simple moving average of $21.42. The company has a market cap of $1.78 billion, a price-to-earnings ratio of 31.97, a price-to-earnings-growth ratio of 0.44 and a beta of 1.50. The company has a quick ratio of 0.91, a current ratio of 1.10 and a debt-to-equity ratio of 1.18. Adient has a 52 week low of $17.70 and a 52 week high of $27.32.

Adient (NYSE:ADNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.44 by $0.08. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.62 billion. Adient had a net margin of 0.39% and a return on equity of 7.28%. The company's quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.69 earnings per share. As a group, equities analysts anticipate that Adient will post 2.1 earnings per share for the current fiscal year.

Insider Activity at Adient

In other Adient news, EVP Heather M. Tiltmann sold 22,000 shares of the business's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $22.71, for a total value of $499,620.00. Following the completion of the transaction, the executive vice president owned 110,886 shares in the company, valued at $2,518,221.06. The trade was a 16.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.94% of the stock is currently owned by company insiders.

Adient Profile

Adient plc NYSE: ADNT is a leading global supplier of automotive seating and interior components. Established in 2016 through a spin-off from Johnson Controls, the company designs, engineers and manufactures complete seat assemblies, seat structures, mechanisms, foams, textiles, trim and electronics. Adient's product portfolio spans a wide range of seating solutions, from entry-level designs to luxury and high-performance seats, and extends to interior modules such as door panels and center consoles.

Serving major original equipment manufacturers (OEMs) around the world, Adient works closely with automakers to develop lightweight, comfortable and safety-oriented seating systems.

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